Technical Analysis & Outlook Video for netflix and Amazon Stocks Week Feb 27th
This week we will be doing streaming service company theme. Both Amazon ( $AMZN ) and Netflix ( $NFLX ) have emerged as the top on-demand streaming service for most consumers. As a result of their success, we see prices for both of these companies at the highest point ever. Things are looking very good for both of them and we expect to see more.
Netflix has moved into new markets, as well as become a major studio in it’s own right. It is currently producing many new movies with big stars and bigger budgets. Things are definitely looking up. However, the new class action lawsuit against Netflix will hopefully help to bring price back down to create a better buying opportunity for inventors. From a purely technical aspect, Price looks like it could go down easily to the $128-$124 daily demand zone. This is what I would think such a news event / announcement could spur on this price movement.
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Amazon has been making new all time highs as well. Last week we saw price drive through previous support and it looks like this could be a start of a new wave to the upside. I would like to see Amazon pull back, but I don’t think it’s going to be a big pullback before price hits $900! It would be nice to see price pull back to the daily demand zone at $825-$815 before we push into a new high and on up to $900 long term. Bottom Line: Amazon is in an uptrend. They are doing well and have been as a major online retailer if not the biggest.
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